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The Foreign Exchange Market Is The Largest In The World, With A Turnover Running Into Trillions Of Dollars A Day. Surprisingly The Centre Of This Market Is The City Of London, Even Though It Mainly Trades Us$s. The Reasons Why This Is The Case Have Never Been Satisfactorily Explained, Given The Importance Of New York As A Rival Financial Centre. A Related Mystery Is The Absence Of A Foreign Exchange Market In London Before 1914, When The City Of London Was At The Peak Of Its Importance, The Purpose Of This Book Is To Solve These Mysteries While Also Delivering A Detailed Account Of The Development Of The Foreign Exchange Market In London Over The Last 150 Years. Key To The Solution Of Both Mysteries Is The Revelation That An Active A Foreign Exchange Market Did Exist In London Before The First World War. The Result Is To Transform Our Understanding Of The Role Played By The Foreign Exchange Market In The Global Monetary System During The 19th And 20th Centuries-- Provided By Publisher.